April 25, 2024

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[THE INVESTOR] Korea Investment & Securities said on Dec. 12 that it has acquired an Indonesian securities firm as part of its efforts to strengthen its overseas business.

It signed a contract to take a 75 percent stake in Danpac Sekuritas for 40 billion won (US$36.60 million), according to KIS.

The company said its Indonesian operations are expected to start business within the first half of next year once it has obtained approval from the financial authorities.

Danpac is a midsized brokerage firm in Indonesia with capital of 6.2 billion won. It has posted 3 billion won in operating profit in the past four years.

KIS said the latest purchase is a step toward to its long-term plan to become Asia’s biggest investment bank.

By Alex Lee and newswires (alexlee@heraldcorp.com)